EMETALS LIMITED — Capital/Financing Update 2012

Nov 7, 2012

WEST PEAK IRON

ASX announcement

8 November 2012

ACN: 142 411 390

T: 08 6489 1600

F: 08 6489 1601

E: admin@westpeakiron.com.au

Suite 9, 330 Churchill Avenue,

Subiaco WA 6008

PO Box 866,

Subiaco WA 6904

www.westpeakiron.com.au

Directors & Management

Graham Marshall:
Chairman

Mathew Walker:
Director

Jimmy Lee:
Director

John Royle:
Director

Shane Tomlinson:
Exploration Manager

David Parker:
Joint Company Secretary

Sonu Cheema:
Joint Company Secretary

Issued Capital

64,500,000 ordinary shares

13,105,465 unlisted options exercisable at 20 cents each on or before 30 June 2013

500,000 unlisted options exercisable at 30 cents each on or before 30 June 2013

ASX Code: WPI

WEST PEAK IRON LTD

EXPLORATION UPDATE - LIBERIA

Key Points:

• Stage one of the maiden drill program Bomi South Project, Liberia, has been completed with a total of 689 metres drilled.
• The drilling completed to date has identified friable hematite / goethite bearing iron formations at varying widths near the surface with the presence of magnetite increasing with depth.
• Assay results from intersected iron formation in the first two holes drilled have been received with a significant interval of:
• 36m @ 30.12% Fe, 50.11% SiO₂, 0.024% P from surface including
• 14m @ 41.96% Fe, 34.41% SiO₂, 0.035% P from 2 metres
• Assay results from remaining nine holes are expected shortly

The Directors of West Peak Iron Ltd ("West Peak" or the "Company") are pleased to announce that stage one of the maiden drill program at the 100% owned Bomi South Project, Liberia, has been completed. The drilling completed to date has identified friable hematite / goethite bearing iron formations at varying widths near the surface with the presence of magnetite increasing with depth. The assay results from the first two drill holes have been received. In total the program consisted of a total of 689 metres being drilled by RC drill rig. The overall metres of the program had to be reduced due to adverse weather conditions, as such the program focused on Area 1. All samples are being sent to SGS Liberia Inc., in Monrovia, Liberia for analysis.

The drill program was hampered by bad weather and in particular heavy rain resulted in various drill lines and pads being inaccessible, as such the total drill metres of the program was reduced. The stage one program therefore focused on Area 1 with drilling at Area 7 now part of the stage two drill program which is scheduled for early 2013.

West Peak Executive Director, Mathew Walker said, "we are pleased to have completed our maiden drill program in Liberia and to have intersected iron formation comparable to our geological model."

While weather conditions were not ideal, West Peak is extremely satisfied to have completed this initial program in the transition period from the wet season to the dry season. The dry season typically lasts six months, which will enable a follow up stage two drill program in early 2013 subject to scheduling of a suitable drill rig.

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WEST PEAK IRON

Exploration Update - Liberia

Figure 1. Area 1 collar plan of holes completed

Drilling targeted iron formation based upon field work involving rock chip sampling from trenching and using the identified magnetic anomalies due to limited to no outcrop available because of the dense vegetation and cover material.

From the drilling completed to date a friable hematite / goethite bearing iron formations at varying widths has been identified near the surface with the presence of magnetite increasing with depth. Quartzite units which bear moderate amounts of magnetite are also present. The primary iron formation intercepted is interpreted to be silica rich with varying amounts of magnetite, but has little banding seen in the rock chips.

Table 1. Significant assay results received from all holes returned to date

Hole ID	Depth From (m)	Depth To (m)	Interval (m)	Fe %	Al2O3%	SiO2%	P %	S %	LOI1000 %
BSRC001	14	26	12	26.63	2.98	54.99	0.015	0.026	3.24
BSRC002	0	36	36	30.12	3.16	50.11	0.024	0.019	2.86
including	2	16	14	41.96	2.09	34.41	0.035	0.017	3.03
and	28	34	6	37.16	1.38	42.26	0.019	0.004	1.66
BSRC002	40	48	8	27.02	2.14	55.53	0.033	0.225	1.05
BSRC002	70	88	18	25.49	2.32	55.16	0.043	0.178	-0.66

RC drill samples were collected at $2\mathrm{m}$ intervals by riffle splitter. All samples were analysed by X-Ray Fluorescence Spectrometry (XRF). Losses on Ignition (LOI) values were determined using Thermo-Gravimetric Analyses at $1000^{\circ}\mathrm{C}$ .

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WEST PEAK IRON

Exploration Update - Liberia

All samples reported were dry. Intervals have been calculated using a bottom cut off iron grade of 15 % Fe with an internal dilution width of 2m. Minimum interval width used for reporting is 6m.

Figure 2. Area 1 drill hole cross section 300,540 E looking west

Figure 3 & 4. Drill rig in operation at Area 1

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WEST PEAK IRON

Exploration Update - Liberia

Figure 5. BSRC002, goethite / hematite rich iron formation interval of $14\mathrm{m}$ @ $41.96\%$ Fe from 2 to $16\mathrm{m}$

Table 2: Drill-Hole details, Bomi South Project, projection WGS 84 Zone 29 North

Hole ID	East	North	RL	Depth (m)	Dip	Azimuth (mag)	Prospect
BSRC001	300535	754723	120	72	-50	0	Area_1
BSRC002	300549	754688	118	114	-50	0	Area_1
BSRC003	300689	754694	103	78	-50	0	Area_1
BSRC004	300817	754725	86	30	-50	0	Area_1
BSRC005	300831	754661	91	48	-50	0	Area_1
BSRC006	300394	754988	78	66	-50	0	Area_1
BSRC007	300415	755016	74	23	-50	0	Area_1
BSRC008	300825	755029	87	48	-50	0	Area_1
BSRC009	300828	754977	89	84	-60	0	Area_1
BSRC010	300794	755063	86	36	-50	320	Area_1
BSRC011	300897	754695	80	90	-50	305	Area_1
Total (m)				689

Co-ordinates were collected by a hand held GPS with an observed error of $+ / _ { 3 } m$ .

Yours Faithfully

By Order of the Board

Mathew Walker

Executive Director

For further information contact:

Mathew Walker; Executive Director, West Peak Iron Ltd.

Telephone: +61 8 6489 1600

Email: admin@westpeakiron.com.au

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WEST PEAK IRON

Exploration Update - Liberia

COMPETENT PERSONS' STATEMENTS

Scientific or technical information in this news release has been prepared under the supervision of Mr Shane Tomlinson, an employee of the Company and a Member of the Australian Institute of Geoscientists (MAIG). Mr Tomlinson has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr Tomlinson consents to the inclusion in this report of the information in the form and context in which it appears.

FORWARD LOOKING AND EXPLORATION TARGET STATEMENTS

Some statements in this announcement regarding estimates or future events are forward-looking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward looking statements include, but are not limited to, statements concerning the Company's exploration program, outlook, target sizes and mineralised material estimates. They include statements preceded by words such as "expected", "planned", "target", "scheduled", "intends", "potential", "prospective", and "seek", "proposed" and similar expressions.

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WEST PEAK IRON

Exploration Update - Liberia

ABOUT WEST PEAK

West Peak Iron Ltd (West Peak) is an exploration company with a focus on iron ore exploration.

West Peak has focused on increasing its licence holdings through direct tenement applications both in Western Australia and Liberia since floating on the ASX in 2010. West Peak's strategy is to actively explore its land holding to identify and focus on those projects which are believed to have the greatest potential for economic iron mineralisation through staged exploration programs. The Company's activities are dependent on the maintenance of appropriate licences, permits and regulatory consents which may be withheld, withdrawn or made subject to limitations.

ASX code - WPI	Market Cap @ 7 cps - $4,515,000 (undiluted)
Issued shares - 64.5m	Cash - $1.83m (circa at start of October 12)
Unlisted Options - 13.11m options

LIBERIA

West Peak has 972 km² of granted tenure prospective for iron ore in Liberia through a combination of reconnaissance and exploration licences for iron ore in the Grand Bassa, Bomi, Bong and River Cess counties. All licences contain identified iron-bearing formations and are located close to port, rail and road infrastructure (both existing and currently being upgraded to meet iron ore industry requirements).

WESTERN AUSTRALIA

West Peak has built up a land holding in the emerging Mid-West and Yilgarn Iron Provinces. High grade rock chip results have been received from the Warriedar and Highway prospects and indicate the potential for DSO style mineralisation. A magnetite target has been identified at the Dandaraga tenement from mapping and rock chip sampling of an outcropping BIF.